The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday. In afternoon trade, the benchmark index is up 0.4% to 7,509.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down 2.5% to $2.49. This is despite there being no news out of the artificial intelligence data services company. However, it is worth noting that the shares of Snapchat owner, Snap Inc, crashed on Wall Street in after-hours trade following a poor update. In its earnings call, CEO Evan Spiegel commented that digital advertising demand hasn't improved. This could mean less demand for Appen's ad relevance services.
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is down 2% to $1.61. This may have been driven by a broker note out of Ord Minnett. Its analysts were disappointed with the gold miner's quarterly update and have downgraded its shares to an accumulate rating with a trimmed price target of $1.80.
Healius Ltd (ASX: HLS)
The Healius share price is down 2% to $3.14. The catalyst for this may have been a note out of Morgans. While the broker remains positive on the healthcare company, it has removed it from its best ideas list. Morgans highlights that the "timing remains uncertain as to when volumes and revenue revert to long-term trends."
Pinnacle Investment Management Group Ltd (ASX: PNI)
The Pinnacle share price is down over 4% to $9.95. Investors have been selling this fund manager's shares after analysts at UBS downgraded them to a sell rating from neutral. The broker has also cut its price target on the company's shares to $8.50. UBS is expecting Pinnacle to disappoint this earnings season.
